Exclusive Right-to-Sell Listing: A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker, regardless of whether the property is sold through the efforts of the listing broker, the seller(s), or anyone else; and a contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker regardless of whether the property is sold through the efforts of the listing broker, the seller(s), or anyone else, except that the seller(s) may name one or more individuals or entities as exemptions in the listing agreement and if the property is sold to any exempted individual or entity, the seller(s) is not obligated to pay a commission to the listing broker. (NAR)
Exclusive Agency Listing: A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker if the property is sold through the efforts of any real estate broker. If the property is sold solely through the efforts of the seller(s), the seller(s) is not obligated to pay a commission to the listing broker. (NAR)
Open Listing – A listing given to any number of Brokers without Liability to compensate except to the Broker who first secures a buyer or secure Seller’s Acceptance of any other Offer. The sale of the property automatically terminates all open listings
Example: Henry offers an open listing to two Brokers (Broker A and Broker B). Broker A presents a buyer who eventually purchases the home. Broker A is entitled to commission, Broker B is not entitled to a commission.
NOTE: MLS rule 3.1 requires that, “The Service shall accept listings subject to exclusive right to sell contracts and exclusive agency contracts, and other forms of agreement that grant the listing broker an exclusive right to market the property to the public acting as subagents, buyer agents, or in other agency or non-agency capacities defined by law.” Typically an open listing does not meet that requirement. For interpreting a specific listing agreement, the legal hotline would be a better source.
Non Agency Service Agreement – A non-agent, may also be referred to as a transaction broker that may assist a customer with ministerial tasks.
